For those that regularly read personal financial blogs, magazines or other sources, the vast majority of the information in this video series will be fairly basic. One of the things about saving money is that most people already know how to do most of it, they just don’t take the time to break old habits that are costing them money. That is what we’re here to remind everyone to do as well as try to motivate everyone to start these painless steps.
As the video says, the first step we’re going to take is to try and lower your credit card interest rates. Even if you’ve tried this in the past, it’s worth trying again. As I mentioned, you may want to look through your pile of junk mail to see if you have any offers that you can use for leverage.
Simply call and explain like I suggested in the video. If you found a a better rate in your junk mail, you can mention this. Always be polite no matter what the answer and see what happens.
The most important thing in this exercise is to get the courage to call and ask. It is well within your rights as a consumer to do so and every percentage point you shave off the interest rate means more money in your pocket. You will find that asking for better rates will be an important way to free up money for your savings and to invest.
Go for it now. If you got a better rate, you saved yourself some significant money by making a few phone calls. If you didn’t (or if you’d like to get your interest rate lowered even more), your homework is to keep an eye out for junk mail offers with low rates. Either way, we will try again later in this series.